As we mentioned yesterday, it’s been a whipsaw for futures traders. And the whipsaw continues today with the employment report.
Let’s take a look at charts of the S&P 500 futures and Nasdaq futures and highlight some key trading levels for today.
Here’s the charts
$ES_F – S&P 500 Futures
ES futures are bouncing back and forth like a ping pong ball in a wide range. On the upside, traders are facing strong resistance at 2915. On the downside there is deeper support that could see new lows before firming.
$NQ_F – Nasdaq Futures
Fades down near theSeptember lows are holding as support. Today is a day to watch support. I’m on alert for failed bounces at resistance that eventually test lower support.
The author trades stock market futures every day and may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.